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In the latest episode of The REIT Report: NAREIT’s Weekly Podcast, Gil Menna, partner with Goodwin Procter, shared his thoughts on the high volume of REIT IPOs taking place globally in 2016.
Menna attributed the IPO surge to low interest rates around the world.
“You’re getting a current, ongoing yield [from real estate],” Menna said, “and I think that is what is driving the interest globally.”
Jackson Hsieh, vice chairman at Morgan Stanley, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
In the March/April edition of REIT magazine, Hsieh said that while the market for traditional IPOs is still open, the bar is “very high.” In the subsequent months the bar for REIT IPOs has only got higher, he noted.
With REIT indexes basically flat, investors aren’t making money on existing floated companies, Hsieh said.
Mark Van Deusen, partner with the law firm Hunton & Williams LLP, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.
Van Deusen discussed some of the factors driving the market REIT initial public offerings (IPOs). First, he pointed out that portfolios in REIT IPOs traditionally face a discount. That creates an impediment, Van Deusen said, especially in environments in which capital is flowing into the real estate market from private sources.
